Three-Point Play for Phillips Edison Grocery Center REIT II

The Cincinnati-based REIT recently acquired three grocery-anchored shopping centers located in Georgia, Florida and New York.

By Ioana Neamt

Bartow Marketplace, Cartersville, Ga.
Bartow Marketplace, Cartersville, Ga.

CincinnatiPhillips Edison Grocery Center REIT II of Cincinnati has recently acquired three grocery-anchored retail centers in the states of Florida, Georgia and New York. Financial details of the transactions have not been disclosed.

The public non-traded real estate investment trust acquired three shopping centers totaling 618,786 square feet of space, as follows:

  • Bartow Marketplace – A 375,067-square-foot retail center anchored by a 204,170-square-foot Walmart Supercenter grocery store in Cartersville, Ga., just 43 miles northwest of Atlanta. The center’s tenant roster also includes co-anchor Lowe’s, Cricket Wireless, Dollar Tree, Sally Beauty Supply, World Finance Loans, Rue 21 and Metro PCS, among others;
  • University Plaza – A 165,277-square-foot shopping center located in Amherst, N.Y., roughly 8 miles northeast of Buffalo. The center is anchored by a 55,000-square-foot Tops Markets grocery store, and is also home to co-anchors Dollar Tree and Record Theater, Key Bank, Radio Shack, the UPS Store, Rainbow, and GNC, among many others. University Plaza is also adjacent to the State University of New York at Buffalo, which enrolls roughly 20,000 students per year;
  • Bloomingdale Hills – Located in Riverview, Fla., roughly 12 miles southeast of Tampa, the center is anchored by a 57,756-square-foot Walmart Neighborhood Market grocery store. Other tenants include Happy’s Home Centers, Great Clips and Great Expressions Dental.

Phillips Edison Grocery Center REIT II also recently entered a partnership with TPG Real Estate to acquire high-quality, value-add grocery-anchored retail centers across the U.S.

Image via Google Street View

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